President Bola Ahmed Tinubu has directed his economic team and relevant ministries to urgently implement measures aimed at reducing the high cost of food items across Nigeria. The directive follows mounting public concern over persistent food inflation, which has become the leading driver of the rising cost of living. Speaking through the Ministry of Agriculture and Food Security, Tinubu emphasized that food security is at the heart of his administration’s economic agenda. He explained that while availability of food is critical, affordability, accessibility, and sustainability are equally important, and government policies must reflect all these dimensions. One of the major…
Author: Temitope N.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government has already implemented about 80 percent of the 2024 budget, assuring citizens that the administration remains on course to deliver on its fiscal promises. The disclosure comes amid heightened scrutiny from lawmakers, economic analysts, and the general public over delays in project execution and concerns that budgetary allocations may not be translating into visible development on the ground. Speaking after a meeting with members of the House of Representatives Appropriations Committee in Abuja, Edun stressed that significant progress has been made in…
Shareholders of Dangote Cement Plc have reaped massive rewards over the last 15 years, as Africa’s largest cement producer confirmed it has paid out a staggering N3.3 trillion in dividends since listing on the Nigerian Exchange in 2010. The milestone underscores the company’s consistent profitability, dominant market position, and ability to create value for both retail and institutional investors, despite Nigeria’s challenging economic terrain. The company, founded and chaired by Africa’s richest man, Aliko Dangote, has maintained its position as a market leader with operations spanning several African countries. Over the years, Dangote Cement has become synonymous with robust financial…
Members of the House of Representatives have sharply questioned Finance Minister Wale Edun and Budget & National Planning Minister Atiku Bagudu over what they described as worrying delays in implementing the 2024/25 budget. The scrutiny follows concerns among lawmakers and citizens that many promised projects and capital expenditures have been slow to begin despite the budget’s extension and declared progress in parts of it. At a recent closed-door session of the House Committee on Appropriations in Abuja, the two ministers were asked to account for the budget’s execution. Chairman Abubakar Bichi told journalists afterward that Nigerians are deeply concerned about…
The Nigerian Meteorological Agency (NiMet) has renewed calls for greater funding support from the Federal Government and development partners to enhance its capacity to predict and mitigate weather-related disasters across the country. The agency warned that insufficient resources threaten its ability to provide timely forecasts, early warnings, and climate services critical to safeguarding lives, property, and infrastructure. Officials of NiMet explained that Nigeria is increasingly vulnerable to extreme weather events such as flooding, heat waves, droughts, and storms, all of which have intensified due to climate change. In recent years, the country has experienced devastating flooding that displaced thousands of…
The Nigerian Civil Aviation Authority (NCAA) has taken a strong new stance on passenger misbehavior, directing all domestic airlines to begin blacklisting unruly passengers. The regulation aims to improve flight safety, protect airline staff, and strengthen passenger accountability across Nigeria’s skies. At a meeting in Abuja with representatives from the country’s major domestic carriers—including Air Peace, Ibom Air, Arik, Green Africa, Max Air, ValueJet, Rano Air, United Nigeria, Aero, and Overland—NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, emphasized that blacklisting must serve both as deterrent and corrective measure. He urged airlines to record and report incidents, treat…
The Federal Government has disclosed that it has collected over ₦600 billion in Value Added Tax (VAT) from global technology companies such as Facebook, Google, Netflix, and other foreign digital service providers operating in Nigeria. The announcement signals significant progress in the country’s efforts to expand its tax base and capture revenue from the fast-growing digital economy. The tax haul follows the implementation of provisions in the Finance Act that mandate non-resident digital service providers to register for VAT in Nigeria and remit taxes on services rendered to Nigerian users. These services include online advertising, subscription-based streaming, app store transactions,…
The Nigerian currency has staged a strong recovery in the foreign exchange market, appreciating to ₦1,500 per United States dollar amid renewed confidence spurred by an improvement in the country’s external reserves. The rally marks a positive turn for the naira, which in recent months has faced sharp depreciation pressures due to dollar scarcity, inflation, and investor concerns over the wider economy. Traders and market analysts confirmed that the naira gained strength both at the official and parallel segments of the foreign exchange market following reports of rising foreign exchange inflows and tighter monetary policies by the Central Bank of…
The Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has announced the reopening of fuel depots across the country after reaching an agreement with the management of Dangote Petroleum Refinery. The decision comes after days of tension that saw the union directing tanker drivers to halt lifting fuel products from depots linked to the refinery, raising concerns about potential supply disruptions and queues at filling stations. According to union officials, the industrial action was triggered by unresolved issues between depot owners and the Dangote refinery over pricing structures, distribution margins, and product allocation. NUPENG had argued that some of…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that it has secured more than $400 million in decommissioning and abandonment liabilities ahead of major oil and gas divestment transactions. The funds, lodged through escrow accounts and letters of credit, represent a significant regulatory milestone designed to ensure that oil companies meet their obligations to retire facilities, clean up the environment, and prevent the transfer of hidden liabilities during asset sales. According to the commission, since April 2023, a total of 94 decommissioning and abandonment plans have been approved with cumulative liabilities put at $4.424 billion. The $400 million already…
Nigeria’s telecommunications industry has created more than 500,000 direct and indirect jobs in the past decade, according to the Nigerian Communications Commission (NCC). The regulator disclosed that the sector’s rapid growth has not only transformed the way Nigerians communicate but also contributed significantly to employment and the nation’s broader economic development. The revelation came during a recent industry engagement in Abuja, where the NCC highlighted the telecom sector’s expanding role in Nigeria’s socio-economic advancement. Officials explained that with over 220 million active mobile lines, rising broadband penetration, and an ever-expanding digital ecosystem, the sector has become one of the country’s…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has dispelled fears that the Federal Government plans to introduce a 5 percent fuel surcharge in 2026, insisting that no such policy is under consideration. The clarification comes amid public anxiety following reports that a new petroleum product levy could be implemented as part of the government’s revenue drive. Speaking at a briefing in Abuja, the minister reaffirmed that the government’s focus remains on stabilising the economy, easing the burden on households, and creating conditions for growth. He explained that while revenue mobilisation remains a priority, policies that…
Nigeria has reportedly lost more than ₦509 billion in trade value and Customs revenue within a short period, according to a recent industry report highlighting the impact of weak border administration, import restrictions, smuggling, and inefficiencies in port operations. The development has raised concerns among stakeholders who warn that unless structural reforms are accelerated, the country risks further losses that will undermine economic growth and fiscal stability. The report, compiled from trade and revenue data in collaboration with stakeholders across the maritime and manufacturing sectors, indicated that losses were largely recorded through revenue leakages at ports and borders, diversion of…
Air Peace, Nigeria’s largest privately owned airline, has announced the rollout of dedicated Customer Experience Representatives across its domestic network in a bid to raise service quality and enhance passenger satisfaction. The move, unveiled this week in Lagos, underscores the airline’s commitment to delivering world-class services amid growing competition and increasing passenger traffic in Nigeria’s aviation industry. According to the airline, the new initiative is designed to improve engagement with customers at every touchpoint, from ticketing and check-in to boarding and baggage claims. The representatives will be stationed at major airports nationwide, providing real-time support and ensuring that customer complaints…
At a stakeholders’ forum in Lagos, First Bank of Nigeria (FirstBank) has sounded the alarm over a growing risk: digital fraud. The bank warned that while expanding digital financial services is crucial for advancing financial inclusion, escalating fraud is fast emerging as the biggest threat to progress. FirstBank, the longest-serving bank in West Africa, emphasized that Nigeria’s drive toward financial inclusion—keeping pace with the Central Bank’s target of 95 percent inclusion by 2025—must not be derailed by rising cyber threats. With a vast digital footprint via platforms like FirstMonie and over 27,000 agent locations nationwide, the bank noted how advances…
The Nigerian Exchange (NGX) extended its bullish momentum on Wednesday, recording an impressive ₦254 billion uptick in market capitalisation as investors sustained interest in equities across key sectors. The fresh rally comes on the back of strong corporate earnings releases, improving investor sentiment, and renewed appetite for stocks perceived as undervalued. According to market data, the NGX All-Share Index (ASI) advanced by 0.29 percent to close at 156,820.45 points, up from the previous session’s 156,365.62 points. The rally pushed the market’s capitalisation from ₦88.62 trillion to ₦88.87 trillion, reinforcing the stock exchange’s recovery trajectory after bouts of volatility earlier in…
Nigeria’s domestic debt profile has continued to expand, with fresh data showing that 31 states collectively owe ₦2.57 trillion in local borrowings as of mid-2025. The rising obligations, sourced from the Debt Management Office (DMO), underline the fiscal pressure facing subnational governments at a time of shrinking revenues and rising expenditure demands. According to the figures, the states have leaned heavily on banks, bonds, and other credit instruments to plug budget gaps and finance critical infrastructure. Analysts note that while some states have used borrowing to stimulate development, many others appear trapped in cycles of debt servicing that limit their…
Ecobank Nigeria is set to host the second edition of its acclaimed Design & Build showcase—an immersive, five-day experience scheduled to run from September 24 to 28, 2025, at the Ecobank Pan African Centre in Victoria Island, Lagos. With the theme “How We Build, How We Live,” the event promises to spotlight innovation in architecture, interior design, and real estate, with a carefully curated selection of exhibitors and thought leaders driving the narrative forward. This year’s showcase will feature just over 40 selected exhibitors, prioritising depth and creativity over volume. Attendees will be able to explore cutting-edge designs, immersive installations,…
The Federal Inland Revenue Service (FIRS) has entered into a strategic partnership with the Economic and Financial Crimes Commission (EFCC) to intensify enforcement of tax compliance across Nigeria. The move, announced on Wednesday, is part of efforts to boost government revenue, curb tax evasion, and ensure that businesses and individuals meet their statutory obligations in line with the country’s fiscal policies. The collaboration comes at a time when the government is under increasing pressure to diversify revenue sources amid declining oil earnings and rising expenditure demands. Tax revenue remains Nigeria’s most reliable non-oil source of funding, but the challenge of…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its planned nationwide strike after reaching an agreement with the Dangote Group on key labour-related demands. The move, announced late Tuesday, comes as a major relief to Nigerians who had feared fresh disruptions in the supply and distribution of petroleum products across the country. NUPENG had earlier issued a notice of strike, citing unresolved grievances over conditions of service, welfare of tanker drivers, and the treatment of some of its members allegedly affected by contractual disputes. The union warned that if its demands were not addressed, it would…